U.S. tech firms ask for protection from next Trump tariffs ZlotoNews

President Trump proposed tariffs on $200 billion worth of Chinese products - and there is the threat of a further $267 billion- has caused Apple to write to the US Trade Representative to point out that this would lead to increased productions costs for many of its products.

Global stock markets mostly fell on Friday as traders mulled over the effects of possible USA tariffs on $200 billion in Chinese goods and looked ahead to U.S.jobs data. The company is concerned, however, about the Trump administration's proposal to add 25 percent duties on another $200 billion in Chinese goods, including a wider assortment of consumer-related items.

Trump continued, saying that "behind that there is another $267 billion [list] ready to go on short notice if I want".

"That totally changes the equation", Trump said. The company said on its website that it spent over $50 billion for goods purchased from USA suppliers past year.

WALL STREET: On Thursday, U.S. technology companies suffered sharp losses for the second day in a row and emerging markets slid on trade fears.

"The public comment period, which is closed as of today, will force a delay before the final tariff list is published as the USA trade representative works to address the multitude of comments received and potentially makes slight alterations to the initial proposal", Height said in a Thursday note. This, however, only refers to Apple, the iPhone, and the other Apple products.

If a third set of tariffs on $200bn worth of Chinese goods are imposed then a host of tech firms have warned they will be impacted.

"There is still an impact from front-loading of exports, but the main reason (for still-solid export growth) is strong growth in the US economy", said Zhang Yi, an economist at Zhonghai Shengrong Capital Management. "If the US$200 billion tariffs are imposed, American consumers will see that prices of consumer goods increase significantly", he said.

A senior administration official told The Wall Street Journal Friday that the expanded China tariffs "are coming" but said that the timing remains unclear.

The move risks raising tensions between the world's two largest economies. "Trump's remarks confirm his intention to continue escalating trade sanctions until China capitulates, and China has equally clearly signaled it has no intention of doing so".

Both Apple and Intel are warning that President Trump's trade war with China will increase prices for consumer electronics, including the Apple Watch and AirPods.

Aboard Air Force One, the president cited the suffering Chinese stock market as an indication that the U.S.is winning the trade conflict.

The National Association of Retailers immediately announced its opposition to the possibility of new tariffs.

"I would think that we will lose business to the Chinese competitors here in the USA and what I can see is that if our sales go down, there could be layoffs in our company", he said.

The presidential tweet was the latest salvo in a dispute between the Trump administration and companies that fear tariffs will hurt their business.

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